US cryptocurrency regulation is undergoing a fundamental shift. Following the departure of Gary Gensler as chairman of the Securities and Exchange Commission (SEC), new interim chief Mark Uyeda has established a crypto task force. This task force will be led by SEC Commissioner Hester Peirce, known as „Crypto Mom,“ who has long advocated for clear and innovation-friendly regulations for the crypto industry.
The End of Anti-Crypto Policies
Under the Biden administration, the SEC pursued an aggressive enforcement strategy against crypto companies, often criticized as unclear and stifling innovation. Hester Peirce repeatedly opposed this approach, calling for constructive regulation. The newly formed crypto task force aims to achieve just that: instead of retrospective enforcement actions, clear rules will be established to enable companies to register legally and practically.
The task force will collaborate not only with the commission itself but also with the public and other regulatory bodies. The Commodity Futures Trading Commission (CFTC), federal and state regulators, and international partners will be involved in the process. The task force will operate within the legal framework set by Congress while providing technical support for potential legislative changes.
Congratulations to our new Acting Chairman Mark Uyeda: https://t.co/BpZuLBfrz5
— Hester Peirce (@HesterPeirce) January 20, 2025
Hester Peirce’s Vision
Peirce emphasizes that the new strategy can only succeed with support from industry, academia, and the general public. She aims for regulation that protects investors, ensures market integrity, and fosters innovation. This stance is in sharp contrast to the SEC’s previous approach, often perceived as repressive and unclear.
New Dynamics in the ETF Market
Alongside the SEC’s realignment, interest in crypto ETFs is surging. Since Gensler’s departure, the number of pending applications has doubled. In addition to Bitcoin and Ethereum, Solana, XRP, and even meme coins like Dogecoin and Bonk are now gaining attention from ETF providers. According to Bloomberg analyst Eric Balchunas, the number of applications could exceed 50 in the coming weeks.
With new leadership at the SEC and a crypto task force focused on clear regulation rather than mere enforcement, the U.S. may be charting a completely new course in its crypto policy. This shift could have far-reaching effects on the industry and position the U.S. as a leading crypto nation.
We are so back. Here’s a massive list of all the current digital asset ETF filings that I’m aware of: pic.twitter.com/npHuTmox5K
— James Seyffart (@JSeyff) January 21, 2025
